-- Connecting the dots between our economy, government and business --
Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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The tribune editorial omits some important themes. North suburban and south suburban townships only share about 6% of their tax bill for common expenses. Even if all south suburban properties were reduced in half and north was doubled you coudn’t reduce your tax bill more than 2-3%. Just math. THe populist stance is fine but you could at least explain what’s really at stake. Also, why not a bill to mandate the assessor release the assessment model to the public. If you want more information for property owners and they deserve higher assessments, not a problem You just owe them… Read more »